Bw Energy Ltd. - M&A Activity 2026

BW Energy: Update on Angola transaction

BW Energy today provides an update regarding its previously announced

agreement to acquire interests in offshore Block 14 and Block 14K in Angola.

BW Energy and its partner Maurel & Prom have been notified that one of the

existing joint venture partners in Block 14 and Block 14K has indicated its

intention to exercise its pre-emption rights in relation to the transaction.

The agreement entered into between BW Energy, Maurel & Prom and Azule Energy

remains effective until the execution of a new sale and purchase agreement

between Azule Energy and the party exercising the pre-emption right.

BW Energy remains committed to its strategy of establishing a presence in

Angola as part of its broader West Africa growth ambitions, and continues to

evaluate opportunities in the country and the wider region.

Further updates will be provided as appropriate.

For further information, please contact:

Martin Seland Simensen, VP Investor Relations

About BW Energy:

BW Energy is a growth E&P company with a differentiated strategy targeting

proven offshore oil and gas reservoirs through low risk phased developments.

The Company has access to existing production facilities to reduce time to

first oil and cashflow with lower investments than traditional offshore

developments. The Company's assets are 73.5% of the producing Dussafu Marine

licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a

76.5% interest in the BM-ES-23 block, a 95% interest in the Maromba field in

Brazil, a 95% interest in the Kudu field in Namibia, all operated by BW

Energy. In addition, BW Energy holds approximately 6.96% of the common shares

in Reconnaissance Energy Africa Ltd. and a 20% non-operating interest in the

onshore Petroleum Exploration Licence 73 ("PEL 73") in Namibia. Total net

2P+2C reserves and resources were 599 million barrels of oil equivalent at the

start of 2025.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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